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Ekiti slashes 2020 budget by N33bn

Updated May 16 2020 10:05 pm

Ekiti Governor, Dr. Kayode Fayemi, has approved a draft supplementary for downward review of the 2020 budget from the initial N124. 5 billion to N91.128 billion, which is made up of N56, 557,958,763.00 for recurrent expenditure and a capital expenditure of N34, 571,037,719.01.

The government said the action was part of measures to respond to the impact of COVID-19 pandemic on the economy, which had caused a fall in revenue accruing to Ekiti from the Federation Account.

This, it explained, brought the reduction of the initial budgetary status by a sum of N33 billion

A statement by the Information Commissioner, Muyiwa Olumilua, on Saturday, said the decision was reached at a virtual State Executive meeting in Ado Ekiti, on Friday.

According to the statement, the Personnel costs remain at 100 percent, overheads cost would be cut by 50 and grants to parastatals would drop by 20 percents.

The council equally approved the operation of an Independent Power Plant (IPP) to reduce costs being incurred by government by a sum of N276 million yearly and ensure 24 hours power supply to Ekiti State Government House, Governorâ€™s Office, State Secretariat, Ekiti State Specialist Hospital, Ekiti State University and to power the street lights in the state capital.

The power plant, according to the government, is expected to take off in nine months

The State also approved memorandum on the N 2.5 billion credit support facility for the medical Sector in Ekiti State to be accessed via the Central Bank of Nigeriaâ€™s Credit Support Intervention for Health Care sector.

The government said N2bn would be expended on financing the Stateâ€™s Health Care facilities, and acquisition of medical equipment, while N500m is for the purchase of medical consumables, drugs, and other expenditure of the state medical facilities.

It also approved the sum of N28, 928,000 for the procurement of laboratory equipment for the Ekiti State College of Agriculture and Technology, Isan-Ekiti, Ekiti State.

Also, Fayemi has ratified the appointment of Prince Adekunle Adeagbo of the Adifagbade ruling house as the new Oore of Otun-Ekiti and Prince Iluku Ojo Omobire as the new Olomu of Ilomu Ekiti in Moba and Irepodun/Ifelodun council area respectively.

This, he said, was consequent upon the selection and nominations of the two new monarchs by the kingmakers of their respective communities.

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